How To Maximize The Value (And Minimize Depreciation) On Your Used Car

One of the biggest benefits of buying a used car is that you minimize depreciation – the loss of value that comes with buying a brand-new car.

When you drive a new car off the lot, it can lose up to 20% of its value. Used cars, however, have already undergone some depreciation. This means you’ll get a better price on a high-quality used car, and it will hold its purchase value much more effectively.

Still, you may be wondering how you can make sure you keep your car in great shape, and minimize depreciation. If you can make sure your car is in good condition, you can often fetch a 10-20% higher price for it when you sell it to a private buyer, or when you trade it in for another vehicle a few years from now.

If that sounds good to you, here are some tips that are sure to help!

1. Get Your Car Serviced Regularly – And Keep A Log!

You should follow the car maintenance schedule that is outlined in the owner’s manual of your vehicle. Even if you do not drive much, you should follow the maintenance schedule rigorously.

In addition, you should keep a log of the services that are performed on your car, so that you can prove your car was properly maintained. In today’s app-focused world, there are some great ways to do this!

Car Minder Plus lets you track maintenance, as well as mileage, gas fill-ups, and much more. If you keep comprehensive records of everything related to your car – which will be a huge deal when it’s time to sell your vehicle.

2. Keep Records Of All Major Repairs And Part Replacements

You should also track all major repairs that you have to perform for your car. Whether it’s something minor like a battery replacement, or something larger such as brake pad or rotor replacements, you should note:

When the repair was performed

Where it was performed

The cost of the repair

The products used to repair your vehicle

The mileage at which the repair was performed

Again, this lets you keep track of how old your tires, brakes, battery, and other components are – which is good information for buyers to have.

3. Try To Maintain A Low-Mileage Lifestyle

The more you drive, the less your car is worth. Sorry, but it’s the truth. Low-mileage vehicles always sell for more than higher-mileage cars, even if they’re well-maintained.

If you need a car, but still want to avoid high depreciation, do your best to maintain a lower-than-average mileage lifestyle. Canadians usually drive 20,000km or more per year. If you can cut your driving down to 15,000 or 10,000km per year, your car will be worth more when it’s time to sell. Combine trips, consider carpooling, and use public transit if it’s convenient.

4. Steer Clear Of Aftermarket Mods

That aftermarket stereo and speaker system? It’s not going to add to your car’s aftermarket value. In fact, aftermarket mods to your car’s interior, exterior, and mechanical components can actually damage its value.

Buyers of a used car don’t want fancy mods or extras – they want a car that’s well-cared for. And if you install aftermarket components yourself, or have them installed by a third-party mechanic, there is no guarantee of their quality, which may reduce the car’s value.

5. Take Care Of The Exterior And The Interior

Regularly washing your car is essential for maintaining a high resale value, especially in Winnipeg. When the winter snows come around, your car is going to be plastered with ice, mud, and road salt – which can cause corrosion.

Get your car washed at least every two weeks – more often, if you can’t store it in a carport or garage. You should also take care of your interior. Vacuum and clean it often, and avoid eating food in your car, smoking in your vehicle, or staining it with mud.

The better looking your car is – both inside and out – the more likely it is to hold its value.

Got A Used Car To Sell? Ride Time Buys Them!

Whether you’re thinking about buying another used car, or you’re just interested in how much your used vehicle is worth, come to Ride Time today!

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About Ride Time

Ride Time is the used car dealer of choice for people with less-than-perfect credit. We provide innovative credit solutions and bad credit car loans Winnipeg drivers rely on. You can expect quality vehicles and outstanding customer service from every person in our organization. At Ride Time, we’re committed to creating a positive experience for customers, even under the toughest circumstances.